Hojun Sung
Changi Nam
Minki Kim
and Seung Hun Han

Sport sponsorship has increased the value of sponsoring firms by becoming a key factor in the communication mix with customers and investors that can enhance corporate image and stimulate the sales of products and services (Javalgi, Traylor, Gross, & Lampman, 1994). Several studies show that sport sponsorship can lead to positive stock returns, which is consistent with modern corporate finance’s ultimate goal of maximizing firm value (Chen & Chen, 2012; Cornwell, Pruitt, & Clark, 2005; Miyazaki & Morgan, 2001; Pruitt, Cornwell, & Clark, 2004; Reiser, Breuer, &...Read more